Stocks Keep Falling After Major Sell-Off As Bloodbath Continues Despite Strong Jobs Data

Stocks Keep Falling After Major Sell-Off As Bloodbath Continues Despite Strong Jobs Data

Share to Linkedin Stocks moved sharply lower on Friday, adding to recent losses despite stronger-than-expected jobs data, as investors continue to remain nervous about a slowdown in economic growth and experts warn of more market downturns ahead. The selloff on Thursday was the market's worst day since 2020, erasing gains from a day earlier as stocks initially rallied on the back of a widely expected half-percentage-point rate increase from the Federal Reserve. Shares of technology stocks, which have been hard-hit amid the wider selloff in recent weeks, moved lower again on Friday as the sector continued to underperform. Amid volatile trading in recent days, all three major indexes are on track to finish lower this week, extending a bad streak of losses. With markets spooked by fears of slowing economic growth, investors sold off riskier assets including cryptocurrencies, with the price of Bitcoin falling roughly 9% in the last 24 hours to below $36, 000, according to data from Coin Metrics. "Investors need confidence that the Fed won't raise [rates] too aggressively and topple the economy into recession in their fight against inflation," explains John Lynch, chief investment officer at Comerica Wealth Management. "Today's report is balanced and may prove